The focus group set up by the federal government has made a classically conservative proposal for the reform of old-age provision. She missed her chance.
(Photo: dpa)
Frankfurt It sounds classically conservative what the focus group set up by the federal government for the reform of private old-age provision recommends in its final report: stick to what is already in place, improve it, but do not reform it profoundly.
It’s no wonder that the financial sector is cheering the ideas. The Commission was unable to agree on a public provident fund proposed by consumer advocates and politicians from the Greens. It should ensure simplification and, above all, low costs. However, the financial sector is more interested in diversity and the opportunity to earn money with its products.
The experts also reject the gentle compulsion to take precautions via a so-called opting-out, to the great regret of the Federal Ministry of Economics. Citizens would have automatically become savers if they did not decide against it. Apparently that’s going too far for the experts.
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